What is a Tax Free Savings Account?
According to the Canada Revenue Agency, more than eight million Canadians had a Tax Free Savings Account (TFSA) in 2011. With more than 35 million tax filers last year, many Canadians are choosing not...
View ArticleAdvice for avoiding a small business audit
There is no way to guarantee that you will never be audited by the CRA, but being compliant and up to date can certainly help. To avoid more scrutiny from the CRA, meet the filing deadlines. It seems...
View ArticleLost your tax records in a fire? What you can do to reconstruct your records
Losing your tax records is a significant challenge. Without receipts and documentation, claiming expenses and credits on your tax return is difficult. If you claim an expense you cannot document, the...
View ArticleTax court decision may loosen rules with respect to medical travel
The Canada Revenue Agency makes some tax allowances for people who need to travel for medical care, but it has always maintained fairly strict eligibility rules. Taxpayers who have to travel 40...
View ArticleToday is the last day to NETFILE your 2011 tax return
Though millions of Canadians have already filed their 2011 tax returns, there are thousands of procrastinators who have yet to do so. If you have not filed your 2011 return, today is the last day you...
View ArticleWin big in Last Vegas? You may be able to claim Uncle Sam’s withholding
Winning it big at a U.S. casino is exciting but the IRS automatically keeps 30 per cent of prizes won by non-residents. It seems a little unfair if you are not a U.S. citizen and are heading back home...
View ArticleHiring employees brings tax obligations
Expanding your small business by hiring your first employees is an exciting time. But once you have employees, the Canada Revenue Agency (CRA) has expectations. Here is what you need to know. There is...
View ArticleWhat if December 21 is the end of the world? How do I file my tax return?
There have been many doomsday predictions and 2012 has long been associated with the Mayan prediction of the end of the world. Since the only two certainties in life are death and taxes, we thought we...
View ArticleMoving to My Account
The Canada Revenue Agency (CRA) is encouraging taxpayers to access services and information through My Account. Even though I have talked about My Account, I have to admit I hadn’t actually signed up...
View ArticleClaiming capital gains and losses
Capital gains and losses need to be reported on your tax return, but you must actually realize the gain or loss before you can report it. If you are watching one of your investments slowly lose its...
View ArticleDecember 31st and your tax return
The end of the year may mean a fresh start and New Year’s resolutions. But it is also the deciding date for many items on your 2012 tax return. December 31st determines: • your marital status: This is...
View ArticleOrganizing your finances in 2013
Going to the gym regularly or quitting smoking are popular New Year’s resolutions, but some are easier to stick to than others. If organizing your finances is one of your goals, here’s a checklist that...
View ArticleHow soon can I file my tax return?
There may be plenty of tax procrastinators but there are also those who are eager to get their return filed so they can get their tax refund. One of the most frequent questions we are being asked right...
View ArticleDo I need to claim my RRSP contribution this year?
Registered Retirement Savings Plans (RRSPs) are one of the only legal tax shelters available for Canadians. And every year, thousands of taxpayers make contributions to help save for retirement and...
View ArticleRRSP withdrawals can bring a surprise at tax time
Dipping into your Registered Retirement Savings Plan (RRSP) is not usually a planned move. Unless you have taken advantage of the Home Buyers Plan or Lifelong Learning Program, your withdrawal is...
View ArticleWhy is the CRA asking me to prove custody?
Every year, thousands of taxpayers receive letters requesting additional information from the Canada Revenue Agency. The request is not an audit but simply intended to verify a credit or deduction was...
View ArticleAre your invoices complete?
The paperwork involved with operating a company can be daunting for many small business owners. From GST or HST remittances to payroll deductions, the documents can add up. One of the most important...
View ArticleReporting capital gains and losses requires good record keeping
Calculating capital gains and losses can be a painful process. But you are required to report all sales or dispositions of stocks, bonds and mutual funds in non-registered accounts in the year the...
View ArticleUnderstanding the benefits—and risks—of RESPs
RESPs are different from Registered Retirement Savings Plans (RRSPs) because RESP contributions are not tax deductible, and so will never lower your tax payable. It means you will not receive a receipt...
View ArticleSeniors in B.C. and Ontario may be able to claim twice for certain types of...
Beginning with the 2012 taxation year, taxpayers in Ontario and B.C. who are 65 or older may benefit from new provincial tax credits if they make renovations which allow them to be more mobile or...
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